ARGAN: RENTAL INCOME EXCEEDING €54 MILLION (+3%) IN Q1 2026, WITH A 100% OCCUPANCY RATE

Quarterly financial information – Neuilly-sur-Seine, Wednesday, April 1, 2026 – 5.45 pm

Rental income exceeding €54 million (+3%) in Q1 2026,
with a 100% occupancy rate

Rental income (IFRS) as at March 31, 2026 (unaudited figures)

Rental income of €54.4 million in the first quarter of 2026

In the first quarter of 2026, ARGAN, the leading French real estate company specializing in the development and rental of PREMIUM warehouses, reported rental income of €54.4 million, up +3% compared with the same period of the previous financial year. Growth in the first quarter was mainly driven by the full-year impact of deliveries completed in 2025, supplemented by rent indexation (+0.6%) as of January 1, 2026.

On this basis, and taking into account the 2026 delivery schedule, ARGAN confirmed its annual target of a +4% increase in rental income in 2026, to at least €220 million¹.

Back to an occupancy ratio of 100%

In the first quarter, ARGAN announced a return to a 100% occupancy rate across its portfolio, following the lease to JS LOGISTICS² of 32,000 sq.m previously vacant at the Le Coudray-Montceaux site (Greater Paris area).

In a national market where the vacancy rate exceeds 6% (source: CBRE), this performance is notably driven by the Group’s decision to internalize property and asset management functions. This organization ensures proximity to clients and therefore represents a key success factor.

Two deliveries in the first quarter of 2026

In February 2026, ARGAN delivered, as planned, its first two projects intended for: 

• PUMA, in the logistics area of Vendenheim (67), for a surface of 42,000 sq.m. Historically present in the Grand Est region, PUMA is occupying this new site near Strasbourg, which is leased under a long-term contract with a firm term of nine years; and
• POMONA, for an extension creating 1,300 sq.m of new area dedicated to negative cold storage in Valenton (94). This completion was an opportunity to extend the lease for a fixed period of 12 years.

€165m secured investments to date for 2026

The secured investment pipeline for 2026 amounts to €165 million, with an average total yield exceeding 6%, of which €140 million is scheduled for delivery before June 30. Within this 2026 pipeline, acquisitions account for nearly €120 million of investments.

In chronological order, the six remaining deliveries scheduled over the coming months of 2026 are intended for:

• CELIO, for a new 12,000 sq.m extension, with delivery scheduled for May 2026, bringing the total surface area of the Amblainville site (60) to 55,000 sq.m. This development will also reduce the site’s CO₂ emissions by a factor of four, thanks to the conversion of the entire site to the AutOnom® label. This new phase also marks the start of a new commitment under a firm 10-year lease.
• FERRERO in Normandy, the historic hub of the Italian group’s operations in France. The first site, in Cléon (76), is expected to be delivered in June, with a total surface area of 34,000 sq.m, followed by a second site in Barentin (76) in early July, with a surface area of 20,000 sq.m. These two deliveries will mark the commencement of long-term leases with firm terms of
  10 years for each site.
• DANONE, for a new AutOnom® site in Sorigny (37), in the immediate proximity of Tours, with delivery scheduled for June 2026. The new facility will comprise 8,200 sq.m, including
  6,400 sq.m of positive cold space (2–6°C) and 800 sq.m of office space, under a fixed 9-year lease.
• ID LOGISTICS, on behalf of Intermarché, in Saint-Bonnet-les-Oules (42), near Saint-Étienne. The project involves the conversion of approximately 15,000 sq.m of ambient storage space into cold storage within a warehouse exceeding 50,000 sq.m. On this occasion, the lease is extended for a fixed term of 9 years, starting from the delivery scheduled for September 2026.
• Jacky Perrenot, in Béziers (34), for the development of a 5,700 sq.m Aut0nom® site, with delivery expected in October 2026. Located in the fast-growing ‘Béziers Ouest’ business zone, this project will mark the beginning of a firm 6-year lease.

These achievements, in a context of economic slowdown and geopolitical uncertainty, demonstrate the relevance of ARGAN’s model, notably driven by AutOnom®, the warehouse that produces its own energy for self-consumption. They also mark the addition of four major new clients to ARGAN’s portfolio.

For further information regarding ARGAN’s 2026 roadmap and its latest results, readers are invited to refer to the 2025 Universal Registration Document, published on March 2 (argan.fr).

———————————————————————————

2026 financial calendar (Publication of the press release after closing of the stock exchange)

• July 1: Net sales of 2^nd quarter 2026
• July 23: Half-year results 2026

• October 1: Net sales of 3^rd quarter 2026

2027 financial calendar (Publication of the press release after closing of the stock exchange)

• January 4: Net sales of 4^th quarter 2026
• January 21: Annual results 2026
• March 25: General Assembly 2027

About ARGAN

ARGAN is the only French real estate company specializing in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES listed on EURONEXT and is the leading player of its market in France. Building on a unique customer-centric approach, ARGAN develops PREMIUM and pre-let Au0nom® -labelled warehouses – i.e., which produce their own energy for self-consumption – for blue-chip companies, with tailor-made services throughout all project phases from the development milestones to the rental management. As at December 31, 2025, ARGAN represented a portfolio of 3.8 million sq.m, with more than 100 warehouses located in the continental area of France. Appraised at a total of €4.1 billion, this portfolio generates a yearly rental income of €214 million (yearly rental income based on the portfolio delivered as at December 31, 2025).
Profitability, well-mastered debt and sustainability are at the heart of ARGAN’s DNA. The financial solidity of the Group’s model is notably reflected in its Investment-grade rating (BBB- with a stable outlook) with Standard & Poor’s. ARGAN is also deploying a committed ESG policy addressing all its stakeholders. Achievements as part of this roadmap are regularly recognized by third-party agencies such as GRESB (rated: 83/100), Sustainalytics (low extra-financial risk), Ethifinance (gold medal) and Ecovadis (silver medal – top 15% amongst rated companies).
ARGAN is a listed real estate investment company (French SIIC), on Compartment A of Euronext Paris (ISIN FR0010481960 – ARG) and is included in the Euronext SBF 120, CAC All-Share, EPRA Europe and IEIF SIIC France indices.

www.argan.fr

Disclaimer

Some elements or statements included in this press release may contain forward looking data or prospective estimates regarding potential future events, trends, roadmaps or targets. Although ARGAN considers these forward-looking statements rely on reasonable assumptions at the time this document is released, forward looking projections and announced trends are by nature subject to risks, identified or not as of today. These can lead to significant discrepancies between actual results and those indicated or implied in elements or statements contained in this press release. For more detailed information regarding risks, readers can refer to the latest version of the Universal Registration Document of ARGAN, filed with the Autorité des marchés financiers (AMF) and available in a digital format on the AMF website (www.amf-france.org) as well as ARGAN’s (www.argan.fr).
ARGAN makes no undertaking in any form to publish updates or revise its forward-looking statements, nor to communicate new pieces of information, new future events or any other circumstances that may question these statements.

1 For further information, please refer to the press release dated January 22, 2026.
2 For further information, please refer to the press release dated March 10, 2026.

Attachment

• 20260401 – Rental Income Q12026